The developing economies of Malaysia and Indonesia were the two key growth markets across southeast Asia registering strong first quarter growth in the Technical Consumer Goods (TCG) market.
While the rest of the region, namely Singapore, Thailand and Vietnam turned in stable performances in the first quarter, Malaysia and Indonesia continued their growth spurts, reporting healthy 32 per cent and 15 per cent value growth over the same period last year.
"Malaysia’s excellent showing in the first three months of this year was driven largely by its telecommunications, office, major domestic appliances and IT sectors, which all expanded in values between 24 per cent to 62 per cent, whereas in Indonesia, it was the IT, consumer electronic and MDA sectors that showed substantial increase in revenue sales of 18 per cent to 31 per cent," said GfK.
Readers can visit GfK's website for a full breakdown of each country’s performance.
“The Malaysia Technical Consumer Goods market had a good start to the year, raking in total value of MYR 5.3 billion with five of the seven sectors managing double digit increases to maintain the country’s position at the top of the quarterly growth leaderboard in the region,” noted Stanley Kee, MD of GfK for southeast Asia.
“The second fastest growing market, Indonesia, also managed to retain its ranking from the last quarter with its IDR 28 trillion generated sales.”
According to findings from the latest GfK TEMAX reports, while the IT sector which turned in consistent positive results ranging from four per cent to 33 per cent value growth across all the countries, it was Telco which saw growth rates soaring as high as 50 per cent and 62 per cent, as posted by the Singapore and Malaysian markets.
Meanwhile, office equipment and consumables in Malaysia also reported an impressive 54 per cent sales value increment.
“The Telco and IT sectors are expected to be the two star performers in the TCG market moving forward, thanks to growing popularity of tech gadgets such as smartphones and tablets which are generally seeing rapidly increasing adoption rate in this region,” said Kee.
“The mounting consumer demand for these devices will continue to play a major role in driving the performance of the TCG in the emerging markets of Southeast Asia,” he concluded.
Temax Report for Malaysia
Temax report for Indonesia
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